A Contract Research Organization (CRO) offers outsourced services to support R&D functions for pharmaceutical, biotechnology, and health companies. The services may be clinical research, product development such as drug development or process development such as bio analytical assay development. A CRO may also provide management services such as clinical trials management, and pharmacovigilance.
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India has rapidly become one of the preferred destinations for clinical trials owing to its large heterogeneous patient pool, rapidly transforming healthcare market, highly educated physicians and cost competitiveness propels the market growth. In addition, increased investment from foreign companies as well as local market players either individually or in collaboration is likely to boost the market growth during the forecast period. Further, emerging research areas such as diagnostic research are expected to fuel the India CRO market.
The India CRO market restraints are rising concern for security especially data security and patient security in clinical trials, lack of collaboration between universities and industry. Further, the compromises done by some India CROs on ethical and technical standards are the major market threat.
The India CRO Market growth is expected to flourish at a CAGR of 12.0% during the forecast period.
Indian CRO Market – Competitive Landscape
The India CRO market is dominated by multinational CROs, followed by India CROs, multinational pharmaceutical companies, and Indian pharmaceutical companies. Among these, the Indian pharmaceutical companies are mainly engaged in conducting local trials.
In March 2018, The world’s largest healthcare information provider and contract medical research, IQVIA, has recently stated that it is preparing to initiate outright buyouts to investments in start-ups for technologies that based on artificial intelligence and data analytics, while also considering those related to the healthcare sector as it converts into a “Human Data Science Company”. Further, the company also stated that the investments in the future will be more directed towards development in the Asia Pacific region that includes China, India, Japan and South Korea where the company forecasts increasing demand for its services in the coming years.
In March 2018, Syngene International has entered into a multiyear R&D agreement with GlaxoSmithKline plc. The companies with this collaboration are focus to accelerate the discovery of new drug candidates using Syngene discovery services platforms.
Segments:
India CRO market has been segmented on the basis of service types which comprises clinical trials, product development, process development, post-marketing surveillance, quality monitoring and others. On the basis of therapeutic application; market is segmented into oncology, cardiovascular, neurology, nephrology and urology, and others. On the basis of end users; market is segmented into pharmaceutical/biopharmaceutical companies, medical devices companies and academic institutes.
Regional Analysis of India CRO Market:
The healthcare sector of India is divided between differential geographic regions and states. The South India and western India account for a major share of the Indian CRO market. However of late the CRO industry is shifting to the North. The reasons for this shift is the concentration of regulatory authority such as Director Controller General of India (DCGI) office, Indian Council of Medical Research (ICMR), Directorate General of Foreign Trade (DGFT), Department of Biotechnology (DBT) etc. Also the costs are lower in North India and the genetic pool is more diverse.
India is emerging as a top destination for contract research organizations for the following reasons
- India’s acceptance of International guidelines and intellectual property rights
- Presence of diverse types of climatic conditions thus allowing stability studies to be performed with ease in one destination
- Educated and accessible human resource in India
- Presence of diverse ethnic pool thus enabling diverse sample for clinical trials
- Low operational cost due to cheap human resource
- Availability of largest pool of patients and large hospitals
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